EURUSD Elliot Waves Analysis For 28 March 2016

28 March 2016, EUR/USD

Wave Analysis:

EUR/USD is currently trading a long a significant support zone 1.1159 -1.1151. During the previous trading week, Euro traded short for the most parts of the week but ended up closing within this zone. As long as the pair trades above this zone, look for long positions with your target at 1.1188 and 1.1201. A clear break below 1.1143 will mean we are looking for short positions with our ultimate target at 1.1111 and 1.1078. This pair should be traded alongside GBP/USD. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday. Only buy or sell Euro if pound dollar is giving the same signal.

Trade Recommendations:

As long as the pair trades above 1.1159, expect the pair to trade in the higher ranges with our target at 1.1188 and 1.1201. A clear break below 1.1143 will mean we are looking for short positions with our ultimate target at 1.1111 and 1.1078